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Big Business shift, pre recession
In the months prior to the U.S. Recession in 2008, Big Businesses such as mortgage lenders and investment banks fall into a state of bankruptcy and fear of bankruptcy. These businesses began to reduce spending and investments due to the impending economic crisis, which would cause them to lose money, as well as the housing crisis of 2007.
Deficit Area: Budget
Identify One: Result
http://www.usatoday.com/story/money/business/2013/09/08/chronology-2008-financial-crisis-lehman/2779515/ -
Stock Market Crash
Caused by the rejection of the bank bailout bill. Historic level drops in the Dow Jones Industrial Average, causing worldwide panic. Economic growth was greatly slowed, unemployment persisted, those who invested part of their 401(k) into the stock market had to delay retirement.
Deficit Area: Savings/Trade
Identify One: Result https://www.thebalance.com/stock-market-crash-of-2008-3305535 -
American Recovery and Reinvestment Act is passed
Barack Obama and Congress pass the ARRA act in 2009, which included funding for science, engineering research and infrastructure, while limiting money spent on social aspects of society. The act was passed to attempt to stimulate the economy by providing new jobs and keeping old ones.
Deficit Area: budget
Identify One: Fiscal Policy http://www.washington.edu/research/gca/recovery/ -
Affordable Care Act
Affordable care act, also commonly known as Obamacare was enacted by Barack Obama in 2010. This made healthcare affordable for people in the U.S. who had health insurance. A goal for it was to reduce spending on U.S health care.
Deficit Area: Leadership/ budget
Identify One: Fiscal Policy http://obamacarefacts.com/obamacare-facts/ Video: https://www.youtube.com/watch?v=JZkk6ueZt-U&feature=youtu.be&t=173 -
2010 Tax cuts
Obama gave a $858 million tax cut in 2010. This cut gave $120 million to workers income for spending by cutting payroll taxes by 2%.
Deficit Area: Leadership/budget
Identify One: Fiscal Policy https://www.thebalance.com/obama-tax-cuts-3306330 -
Home sales rise
Sales of houses in the United States have increased since 2005, with 5.61 million houses sold in 2016, this being the highest since 2005. This number includes condos and family homes, and due to the economy strengthening, the house sale market has been more successful in recent years.
Deficit Area: Budget
Identify One: Result https://www.juniorachievement.org/documents/20009/36541/Housing-Market-paper.pdf/63e03a3a-9561-4532-be0a-4311141ddb67
